1.1 	A bill for an act
1.2 	relating to insurance; providing for modification or suspension of certain 
1.3 	requirements in specific instances;amending Minnesota Statutes 2020, section 
1.4 	61A.02, by adding a subdivision.
1.5 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.6 	Section 1. Minnesota Statutes 2020, section 61A.02, is amended by adding a subdivision 
1.7 	to read:
1.8 		Subd. 7.Regulatory flexibility. (a) Upon written request by an insurer, the commissioner 
1.9 	may issue an order to modify or suspend a provision or provisions of this chapter with 
1.10 	respect to a specific life insurance policy or certificate in order for the insurer, as stated in 
1.11 	the policy or certificate, to provide long-term care coverage. The commissioner may issue 
1.12 	a modification or suspension upon a written finding that:
1.13 	(1) the modification or suspension is in the best interest of the insureds;
1.14 	(2) the insurer cannot effectively or efficiently provide both life insurance and long-term 
1.15 	care coverage under this chapter without the modification or suspension; and
1.16 	(3) the modification or suspension is necessary to: (i) develop an innovative and 
1.17 	reasonable approach to provide both life insurance and long-term care protection; or (ii) 
1.18 	permit long-term care coverage to be sold as part of, or in conjunction with, a life insurance 
1.19 	product.
1.20 	(b) The insurer requesting the order must demonstrate that the proposed new policy 
1.21 	satisfies the criteria in paragraph (a), clauses (1) to (3).
2.1 	(c) Notwithstanding paragraph (a), the commissioner is prohibited from modifying or 
2.2 	suspending any provision contained in section 61A.25.